Proactive Investors - Run By Investors For Investors

MetalsTech confirms strong spodumene values at Cancet Lithium Project

The company’s share price has doubled over the past three months.
lithium on the elementary table
Phase III drilling starting in January 2018

MetalsTech Ltd (ASX:MTC) has revealed strong spodumene modal estimates from its recent 1,275 metre diamond drilling program at the Cancet Lithium Project in Quebec, Canada.

The mineralisation occurs at or near surface and extends the high-grade deposit down-dip and east along strike.

As part of Phase II, 19 diamond drill holes were completed with core samples sent for multi-element analysis including lithium and tantalum. The results are expected within three weeks.

The high-grade near surface mineralisation estimates include:

- 16.40 metre pegmatite intersection with a spodumene mineralisation of 30% at 2.10 metres; and
- 12.57 metre pegmatite intersection with a spodumene mineralisation of 20% at 5.4 metres.

MetalsTech recently entered an agreement with Chinese chemicals manufacturer Wuxi Baichuan Chemical Industrial Co Ltd, which has bought a 10% stake in the company.

This will provide the necessary funds to advance resource definition and scoping studies at Cancet as well as maiden drilling at Adina.

A Phase III drill campaign of circa 5,000 metres is now planned to commence in January 2018, which will test the down-dip extensions of the Cancet pegmatite targeting mineralisation at depth.

The company’s share price has doubled over the past three months and closed at $0.30 on Tuesday.

View full MTC profile View Profile

MetalsTech Ltd Timeline

Related Articles

King Island off the state of Tasmania hosts the old Dolphin tungsten mine
April 08 2019
The company today unveiled a production offtake agreement with a Sandvik-owned tungsten supplier.
Projects Arrow holds in WA
February 06 2019
The Plumridge project in WA is a joint venture with Independence Group (ASX:IGO).
Ovoot Early Development Project in Mongolia
March 06 2019
Gina Rinehart’s Hancock Prospecting has gone all in with a bid for another company targeting similar annual production levels.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use